Ferdinand | EducationGhana | April 13| Top 5 Simple Steps to Calculate SSNIT Pensioner Death Survivors’ Benefit in 2023
The Social Security and National Insurance Trust (SSNIT) is a statutory public Trust charged under the National Pensions Act, 2008 Act 766 with the administration of Ghana’s Basic National Social Security Scheme.
Its mandate is to cater for the First Tier of the Three-Tier Pension Scheme. The Trust is currently the largest non-bank financial institution in Ghana.
The primary responsibility of the Trust is to replace part of the lost income of workers in Ghana due to Old Age, Invalidity or Death of a member where dependants receive lump sum payment.
It is also responsible for the payment of Emigration benefits to a non-Ghanaian member who is leaving Ghana permanently.
The Pension Scheme as administered by SSNIT has an active membership of over 1.6 million as of January 2021 with over 226,000 pensioners who regularly receive their monthly pensions from SSNIT.
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Pensioner Death Survivors’ Benefit
The Pensioner Death Survivors Benefit is computed as the present value of the unexpired
pension of the deceased not exceeding 144 months under PNDCL 247 and 180 months under Act 766 using the prevailing Treasury bill rate or ten per cent, whichever is the lower.
Procedure for Computing Pensioner Death Survivors’ Benefit
Follow the five-step procedure to calculate the Monthly Pension
STEP 1: Determine the Age at Death of the Pensioner
Determine the age of the pensioner in complete years and months (rounded to the nearest
a whole month at the time of death
Age of Pensioner at Death = Date of Death – Date of Birth
STEP 2: Determine the Monthly Pension
The last Monthly Pension being paid to the Pensioner at the time of death is used.
STEP 3: Calculate the period of Unexpired Pension Payments
Calculate the number of months of Unexpired Pension Payments at the time of death of
the Pensioner.
a. If a Pensioner dies at any age up to 60 years (in the case of early retirement or invalidity pension) the Number of months of unexpired pension shall be given the value of 144 (under PNDCL 247 and 180 (under Act 766).
PNDCL 247: Number of Months of Unexpired Pension = 144
Act 766: Number of Months of Unexpired Pension = 180
b. PNDCL 247
If a Pensioner dies at any age above the exact age of 60 years but less than the
the exact age of 72
c. Act 766
If a Pensioner dies at any age above the exact age of 60 years but less than the
the exact age of 75
STEP 4: Compute the Survivors’ Benefit
The present value of the member’s pension for the unexpired period (in months), using the
prevailing Treasury bill rate at the time of death or ten per cent, whichever is the lower.
Survivors’ Benefit = Annuity Factor X Monthly Pension (at time of death)
STEP 5: Deduct Extra Pension Payments (if any)
Deduct EXTRA PENSION PAYMENTS made since the Death of the Pensioner from the
Survivors’ Benefit obtained in STEP 4, if any
You can also apply for the Survivors Benefit HERE
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